Electric Vehicles - Sweden | Statista Market Forecast

In 2024, the projected revenue in the Electric Vehicles market in Sweden is expected to reach US$12.0bn SEK.
This projection indicates a promising growth potential for the market.
Furthermore, it is estimated that the revenue will continue to grow at a compound annual growth rate (CAGR) of 13.66% from 2024 to 2029.
This growth trajectory is expected to result in a market volume of US$22.8bn SEK by 2029.
In terms of unit sales, it is anticipated that the Electric Vehicles market in Sweden will reach 345.20k vehicles units by 2029.
This indicates a growing demand for electric vehicles in the country.
Additionally, the volume weighted average price of Electric Vehicles market in Sweden is expected to be US$66.4k SEK in 2024.
This figure represents the average price at which electric vehicles are sold in the market.
It is worth noting that from an international perspective, China is projected to generate the highest revenue in the Electric Vehicles market, with an estimated revenue of US$376bn SEK in 2024.
This highlights the significant market presence and potential of China in the global electric vehicles industry.
Sweden, known for its green initiatives, is experiencing a surge in electric vehicle adoption driven by government incentives and a well-developed charging infrastructure.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

Sweden, known for its commitment to sustainability and environmental consciousness, has seen a significant growth in the Electric Vehicles (EV) market in recent years.

Customer preferences: In Sweden, customer preferences for EVs have been driven by several factors. Firstly, the country has a strong emphasis on environmental protection and reducing carbon emissions. As a result, many consumers are choosing EVs as a more eco-friendly alternative to traditional gasoline-powered vehicles. Additionally, the government has implemented various incentives and subsidies to encourage the adoption of EVs, such as tax breaks and reduced parking fees. This has further incentivized consumers to choose EVs over conventional vehicles.

Trends in the market: One of the key trends in the Swedish EV market is the increasing variety of EV models available to consumers. Major automakers have been expanding their EV offerings, providing consumers with more options to choose from. This has helped to attract a wider range of customers who may have previously been hesitant to switch to EVs due to limited model choices. Furthermore, advancements in battery technology have improved the range and performance of EVs, addressing concerns about limited driving distance and charging infrastructure. Another trend in the Swedish EV market is the growing popularity of plug-in hybrid electric vehicles (PHEVs). PHEVs offer the flexibility of both electric and gasoline power, providing consumers with a transitionary option as they become more comfortable with EV technology. This has appealed to consumers who may have range anxiety or limited access to charging infrastructure.

Local special circumstances: Sweden's cold climate presents unique challenges for EV owners. Cold temperatures can reduce the efficiency of batteries and affect the driving range of EVs. However, automakers have been addressing this issue by developing EVs with improved cold weather performance, such as advanced battery heating systems. Additionally, the Swedish government has been investing in expanding the charging infrastructure across the country, making it more convenient for EV owners to charge their vehicles.

Underlying macroeconomic factors: Sweden's strong economy and high standard of living have contributed to the growth of the EV market. With a high disposable income and a focus on sustainability, Swedish consumers are more willing to invest in EVs. The government's commitment to reducing carbon emissions and promoting renewable energy sources has also created a favorable environment for the EV market to thrive. Furthermore, Sweden's advanced infrastructure and technological capabilities have supported the development and adoption of EVs. In conclusion, the Electric Vehicles market in Sweden has experienced significant growth due to customer preferences for eco-friendly vehicles, the availability of a wider range of EV models, and government incentives. The market has also been influenced by local special circumstances, such as the cold climate, which has prompted automakers to develop EVs with improved cold weather performance. Underlying macroeconomic factors, including Sweden's strong economy and commitment to sustainability, have further contributed to the growth of the EV market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.